Two Legislative Bills were adopted by the Nebraska Legislature to create the Nebraska Charitable Tax Credit to promote endowed philanthropy in Nebraska.  There is a sunset provision and the Nebraska Charitable Tax Credit is currently scheduled to terminate at the end of the 2009 tax year. 

2005 Legislative Bill 28 was introduced by Sen. Matt Connealy, District 16, of Decatur in January 2005, and 21 other Senators co-sponsored the legislation. LB 28 authorized the development of a Nebraska Charitable Tax Credit for irrevocable planned gifts and outright gifts to the endowments of Nebraska incorporated or established nonprofits with 501(C) (3) designation from the Internal Revenue Service. It was signed into law on June 2, 2005.
Click here to review LB 28.

2006 Legislative Bill 1010 was introduced on January 10, 2006 by Senator Matt Connealy, and was passed by the Legislature and signed into law by Governor Heineman on April 12, 2006. LB 1010 permits a taxpayer to receive both a charitable deduction and a charitable endowment tax credit and reduced the amount of the credit allowed.
Click here to review LB 1010.

Nebraska Statutes Sections 77-27, 228 through 77-27, 234 were created by 2005 Legislative Bill 28 and amended by 2005 Legislative Bill 1010.  Click here to review the Statutes.